GOCOP Partners NCDMB, NCC, Dangote, NCAA, UBA for 2024 Conference

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14/09/2024

Partners for the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) have begun to emerge with the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group leading the train of partners for the event slated for Thursday, October 3, 2024 at the Reverton Hotel, GRA, Lokoja, Kogi State.
The Chairman of the 2024 Conference Planning Committee, Danlami Nmodu, also listed other partners to include Nigerian Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), according to a statement by
GOCOP Publicity Secretary, Sir Remmy Nweke.
Nmodu was also quoted as saying that the eighth conference would center on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy” and will hold on Thursday, October 3, 2024 from 10am. The keynote will be delivered by former governor of Cross River State, Senator Liyle Imoke.
Additional partners for 2024, he said, comprised the Nigerian Safety Investigation Bureau, Access Bank plc, Zenith Bank Plc, First City Monument Bank (FCMB), Fidelity Bank Plc, Sovereign Trust Insurance Plc (STI), Nigerians in Diaspora Commission (NIDCOM) and National Film and Video Censors Board (NFVCB).
A major highlight of this year’s conference, Nmodu said, is a business luncheon with GOCOP partners on Wednesday, 2 October, at the same venue, while the conference itself would hold on Thursday, October 3.
Nmodu noted that the 8th edition would be chaired by former Nigeria’s Ambassador to Spain, Alhaji Yusuf Mamman, with the former Nigerian Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd) and the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida as Guest Speakers, while a Professor of Political Science at the Federal University Lokoja, Prof. Rotimi Ajayi and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma are panellists.
Nmodu recalled that GOCOP conference 2023 was chaired by the JAMB Registrar and Chief Executive, Prof. Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation, keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
In 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote entitled “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The Guild has over 104 corporate publishers as members.

Pan-African Varsity Holds 2nd Media Roundtable on Media Engagement in Governance

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14/09/2024

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Pan-Atlantic University (PAU) held the second edition of its annual Media Roundtable event, centred around the theme: “Beyond Critique: The Importance of Constructive Media Engagement in Governance and Nation-Building.”

The event brought together prominent media leaders, practitioners, students, academics, and various media stakeholders.

In his welcome address, Dr. Peter Bamkole, the Deputy Vice-Chancellor (Admin) of Pan-Atlantic University, set the tone for the day’s conversations by emphasising the power of truthful and transparent reporting.

“What you see, say, and write must be truthful, transparent, and reliable. Speaking the truth will change the narrative and promote constructive engagement instead of blind criticism,” Dr Bamkole stated.

The event featured an engaging panel discussion led by esteemed media professionals, including Magnus Onyibe (Public Policy Analyst and Author), Fisayo Soyombo (Founder, Foundation for Investigative Journalism -FIJ), Sherriff Quadry (Broadcast Journalist, Nigeria Info), Margaret Agada-Mba (Lecturer, School of Media and Communication, Pan-Atlantic University), Jonathan James Lyamgohn (Media Consultant) and Tolulope Adeleru-Balogun (Head of Programmes, News Central) each offering unique insights into the vital role of the media in governance and society. Onyinyechi Aderibigbe of Nigeria Info and Elizabeth Musa of Business Day were the moderators at the event.

During the panel discussion, Sherriff Quadry emphasised the demanding nature of journalism, stating that it requires more than simply identifying as a journalist. He highlighted the need for extra commitment, dedication, and above all, sacrifice. Quadry also stressed the essential role of a free press in maintaining a functioning democracy, noting that democracy cannot survive without journalists, and without a free press, it becomes impossible. He further addressed the challenges faced by Nigerian journalists, asserting that determination is key, as the work can be frustrating, particularly in a context where politicians often feel they should not be questioned.

Quadry also spoke on the responsibility of journalists to ensure that their work positively impacts society, cautioning that reports should foster development rather than create chaos. In her contribution, Margaret Agada-Mba questioned the government’s view of the media, posing the critical question: while the media strives to partner with the government, does the government consider the media a partner in national development?

Tolulope Adeleru-Balogun echoed the sentiment that there should be no restraints on the press, arguing that while cultural, religious, and ethnic sensitivities exist, they should not translate into restrictions on media freedom. She further underscored the role of journalists as truth-tellers, stating that their responsibility is to present news with honesty and transparency. She further added to the dialogue by stressing the responsibility of senior journalists to mentor the next generation. “There has to be a space for the transference of the values that make journalism what it is,” she said, underscoring the importance of cultivating ethical values in upcoming journalists.

Magnus Onyibe added that if journalists are ever offered the opportunity to work with the government, they should ensure they do so with a clear conscience, maintaining their integrity in the face of such challenges.

Fisayo Soyonbo addressed the issue of harassment faced by investigative journalists, highlighting that the solution to such intimidation is more investigative journalism. “The answer to harassment is more journalism because the idea of harassment is to get the journalist to stop pursuing the truth,” Soyonbo said. He emphasized the journalist’s role in uncovering the truth and presenting it to the public: “The job of a journalist is to dig the truth and release it.”

Jonathan James Lyamgohn emphasized three key principles when engaging with the government: respect, patriotism, and press independence. “We are the fourth estate of the realm,” he noted, underscoring the vital role of journalists in upholding democracy. He also remarked, “Journalism will always be challenging, but journalism will always be rewarding. Our ultimate employer, beyond our organization, is the people.”

The panellists reiterated that journalism is not merely a profession but a commitment to truth, transparency, and societal impact. As media practitioners navigate the complexities of reporting in a challenging environment, they must remain steadfast in their duty to hold power accountable, foster positive change, and contribute to the growth of a more informed and engaged society.

The event called on both the media and government to foster a relationship grounded in mutual respect and the shared goal of national development while preserving the integrity of a free and independent press. Through constructive engagement and responsible journalism, the media can continue to play a pivotal role in ensuring accountability and promoting the common good.

About Pan-Atlantic University (PAU)

Pan-Atlantic University is a renowned institution committed to providing world-class education and fostering intellectual growth, creativity, and leadership in Africa. PAU offers a range of undergraduate, postgraduate, and executive education programs aimed at equipping students with the skills needed to positively impact their communities and industries.

Currently, Pan-Atlantic University has seven main units: Lagos Business School (LBS), Enterprise Development Centre (EDC), School of Media and Communication (SMC), School of Management and Social Sciences (SMSS), School of Science and Technology (SST), Institute of Humanities (IOH), and Yemisi Shyllon Museum of Art (YSMA).

$1tn Economy: CBN, BOI, UBA, NDIC Set for FICAN 2024 Conference

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11/09/2024

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The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), the United Bank for Africa, Access Holdings Plc and a host of other banking and financial institutions have thrown their weight behind the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN) featuring discussions on the ambitious $1 trillion economy target of the federal government of Nigeria.

The theme of the conference is: Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Re-capitalization, Opportunities for Fintechs and Real Sector scheduled to hold between 28 and 29th September 2024 at the prestigious Orchid Hotels, Plot 3 Dreamworld-Africana Way, Lekki, Lagos.

The NDIC has been a supporter of the CBN over its move to recapitalise banks, saying the apex bank’s decision will achieve economic resilience in the country.

The CBN on March 28, 2024 issued a circular announcing a new recapitalisation policy for commercial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026.

To meet the latest minimum capital requirements, banks have been considering the following options: inject fresh equity capital through private placements, rights issues, and/or offer for subscription; mergers and acquisitions (M&As) and upgrade or downgrade of licence authorisation in the event lenders cannot meet up with the new rules of engagement.

The Bank of Industry (BOI) has been committed to backing steadfast local businesses, emphasising the bank’s dedication to supporting critical sectors that are contributing to Gross Domestic Products (GDP) growth.

The keynote address will be delivered by the Managing Director/CEO, NDIC Hassan Bello while the guest speakers are: Managing Director/CEO, UBA, Mr. Oliver Alawuba and the Chairman, Bank Directors Association of Nigeria (BDAN), Mustafa Chike-Obi.

According to a statement made available to journalists by the executive of FICAN, there will be a Panel Discussion in which representatives of the following organisations will participate: Central Bank of Nigeria, Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System, Bank of Industry, Parthan Partners and Development Bank of Nigeria

FICAN is the umbrella body of journalists and business editors reporting the financial sector of the Nigerian economy. The Association has a membership of over 150 journalists working in print, broadcast and online media platforms.

The annual conference is a capacity building and agenda-setting forum, designed to deepen financial journalists’ understanding of developments in the economy and enhance quality of reportage.

The conference is a critical capacity building project of the Association, aimed at elevating the practice of financial journalism in the country.

Fidelity Bank Plc Donates Maternity Kits to Pregnant Women in Yaba, Lagos

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11/09/2024

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Fidelity Bank Plc, a leading financial institution, has donated maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State.

This donation is part of the bank’s Corporate Social Responsibility (CSR) efforts under the Fidelity Helping Hands Program (FHHP).

The initiative, spearheaded by the Crestcore Inductees Class, underscores the bank’s dedication to supporting local communities. Through FHHP, Fidelity Bank Plc’s staff identify impactful projects in their communities and raise funds to support them. The bank’s management matches these contributions, amplifying their reach and impact.

The handover ceremony was held at Aiyetoro Primary Health Centre, Wright Street, Adekunle, Yaba. Dr. Meksley Nwagboh, Divisional Head of Brand & Communications at Fidelity Bank Plc, presented the maternity kits to the community.

Nwagboh highlighted the importance of the initiative, stating, “at Fidelity Bank, we recognise that ‘health is wealth,’ and without good health, it is difficult to pursue one’s dreams and aspirations. Unfortunately, financial barriers often prevent women from seeking crucial ante-natal care. This has been fingered as a leading cause of maternal mortality.

“That is why we are in the Aiyetoro Community today to provide essential maternity kits to economically disadvantaged expectant mothers. Our hope is that this donation encourages more women to attend ante-natal appointments.”

Receiving the items on behalf of the beneficiaries, the Medical Officer of Health for Yaba LCDA, Dr. S.O. Oredein, expressed gratitude on behalf of the community.

“Fidelity Bank has once again proven to be a bank that cares deeply about the well-being of the people. By providing these maternity kits, the bank is encouraging more expectant mothers to visit health centers, thus helping to reduce maternal mortality”, explained Dr. Oredein.

The donation of maternity kits in Aiyetoro LCDA, Yaba, falls under Fidelity Bank’s Health/Social Welfare CSR pillar. Other pillars in the bank’s CSR strategy include Education, Youth Empowerment, and Environmental Sustainability.

One of the beneficiaries, Sekinat Aderoju, expressed her joy, saying, “we are truly grateful for Fidelity Bank’s support. Receiving these maternity kits will ease the financial burden and help us prepare for safe deliveries.”

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Sovereign Trust Insurance 29th AGM Set for Sept 26

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11/09/2024

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Sovereign Trust Insurance Plc has announced that the company’s 29^th Annual General Meeting (AGM) will be held on Thursday, September 26, 2024.

This is coming just after the Underwriting Firm secured the approval of the National Insurance Commission (NAICOM) and that of the Nigerian Exchange Limited (NGX), respectively.

It will be recalled that NAICOM had directed all insurance companies in the country to prepare their accounts in line with the International Financial Reporting Standard, IFRS17.

Sovereign Trust Insurance Plc having met the requirement, got the nod of the Commission to proceed accordingly.

The Annual General Meeting is billed to hold at the Bay Lounge Hall, Block 12A, 10 Admiralty Road, Lekki Phase 1 Lagos by 11am.

The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole made this known at a press parley with newsmen in preparation for the 29^th Annual General Meeting.

According to him, “the journey to getting the 2023 Accounts of the company approved by the industry’s primary Regulatory Authority has been quite an experience and there is every reason to be thankful for a successful outcome at the end of the day.”

He said the lessons learnt from the whole process cannot be undermined just as the company is committed to operating under very ethical and professional standards as far as the industry is concerned. He also used the occasion to thank the teeming shareholders of the company for believing in the Management over the years while also providing instructive support and understanding for the organization as a growing concern. He equally solicited for the continued patronage of its esteemed customers in the years ahead.

In spite of the challenging macro-economic environment that characterized the year under review, the Underwriting Firm still continued on the pathway of growth. The company grew its insurance revenue by 23.1% from N15.7B in 2022 to N19.3B in 2023.

The Insurance Service Expenses in line with the new accounting standard grew by 21.7% from N6B in 2022 to N7.3B in 2023. Furthermore, the Investment Income increased from N548M in 2022 to N819M in 2023, representing 49.3% growth. In the area of claims administration, the company paid a total of N3.3B in 2023 as against N3.2B in 2022.

The company’s total asset grew from N17.2B in 2022 to N22.8B in 2023, resulting in 33% increase. The total equity rose by 31% from N10.4B in 2022 to N13.6B in 2023. This is largely due to the success recorded at the Rights Issue exercise carried out by the company in 2023. In addition, Profit Before Tax (PBT) of N1.42B was achieved in the year under review.

The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka reiterated the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike. In his words, “the path through the adoption of the International Financial Reporting Standard, (IFRS17) was not without its challenges but with the perseverance and doggedness of every member of staff, we were able to overcome and succeeded as a team.”

Sovereign Trust Insurance Plc will continue to deliver on all promises and obligations in actualising its vision of “becoming a leading brand in the insurance industry in the country while maintaining a place of reckoning in the minds of the insuring public.”

The company has announced that it will be paying dividends to its shareholders this year.

Stanbic IBTC Bank Launches Enhanced Enterprise Online 3.0 platform for Optimised Business Banking Experience

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10/09/2024

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Stanbic IBTC Bank, a leading financial institution in Nigeria, is proud to announce the launch of its updated Internet Banking platform for business customers, Enterprise Online 3.0. This upgrade includes new features to enhance the customer experience based on customer feedback from version 2.0.

The Enterprise Online 3.0 platform offers improvements including enhanced transaction processing for single and bulk transfers, self-service password reset functionality, and flexible authentication options using One-Time-Password (OTP) or hardware tokens.

The platform also introduces login notifications for improved security, an upgraded bulk upload feature, and an intuitive user interface. That is not all; an additional enhancement allows users to now receive email notifications for pending transaction approvals, thus streamlining the approval process.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, commented on the launch, saying: “At Stanbic IBTC Bank, we are dedicated to providing efficient and user-friendly digital banking solutions for our business customers. The launch of Enterprise Online 3.0 demonstrates our commitment to continually improving the experience and surpassing customer expectations. This is why we paid heed to our customers’ feedback and made significant changes to enhance their banking experience on Enterprise Online.”

The Bank expects this upgrade to drive increased adoption of the Enterprise Online platform, while also improving payment processing efficiency, and reducing turnaround time for password resets. These enhancements aim to provide a superior experience tailored specifically for business users.

Stanbic IBTC Bank remains committed to enhancing customer experience and invites all business owners to explore the upgraded Enterprise Online 3.0 platform.

Stanbic IBTC Pension Managers Reaffirms Commitment to Quality Customer Service to Retirees

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10/09/2024

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We are aware of a video currently circulating online showing a client at one of our Experience Centres who appeared distressed.

We have since communicated with the client and successfully resolved the concern and processed his benefits within the established timeline.

We would like to reassure our clients of our unwavering commitment to our vision statement: “To secure the future of pension contributors through innovative solutions that empower them to retire well.”

Our dedication to providing top-tier pension fund administration for both private and public sector employees is evident through our focus on timely payments and effective investment strategies. Currently, we disburse about N7 billion monthly to almost 80,000 retirees and have paid over N1.3 trillion to retirees since the inception of the Contributory Pension Scheme.

With shareholders’ funds exceeding N60 billion, Stanbic IBTC Pension Managers is far above the regulatory minimum of N5 billion and well positioned to support our clients in achieving a secure retirement.

Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, noted: “Our priority is prompt payment, as it ensures our clients’ financial security in retirement. With a network of 40 branches nationwide, we guarantee accessibility to our services and support at the convenience of our clients.”

“We deeply appreciate the feedback from our clients and are constantly refining our services to better meet their needs. Our focus on integrity and transparency reinforces our reputation as reliable partners in retirement planning, allowing our clients to focus on enjoying their retirement without financial concerns. Furthermore, Stanbic IBTC Pension Managers offers value-added services such as personalized financial planning advice and retirement planning tools. Our digital platforms, including mobile apps and online portals, enable clients to monitor their accounts and track their funds’ growth conveniently, empowering them to make informed financial decisions.” Olumide added.

Stanbic IBTC Pension Managers also emphasises effective communication, utilising multiple channels—including a 24/7 multilingual call center—to ensure clients can easily reach out for support and information.

This commitment to open communication reflects its understanding of keeping clients informed and engaged.

Sterling Pioneers Africa’s First Indigenous Core Banking System

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10/09/2024

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Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

According to him, “this successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues.

The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.

Unity Bank Projects N27bn in Q4 Earnings, Targets N4bn Profit

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10/09/2024

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Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group (NGX).

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis.

This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made. The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflects a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.

NNPC/Chevron JV Concludes Conversion of Assets into PIA Terms

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10/09/2024

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R-L: GCEO, NNPC Limited, Mr. Mele Kyari; Director, Deepwater and Production Sharing Contract (PSC) of Chevron Nigeria Limited (CNL), Mrs. Michelle Pflueger and Queen Nwaha Torkwasi of Legal Department, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), display signed documents during a ceremony on conversion of the NNPC/CNL JV assets into PIA terms, held at the NNPC Towers in Abuja on Monday.

In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Limited and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms.

Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licenses (PPLs) and Petroleum Mining Leases (PMLs) upon their expiration.

Nonetheless, an option of voluntary conversion is provided for holders of OPLs and OMLs (Operator, Licensees or Lessees) under the erstwhile Petroleum Profit Tax (PPT) regime. The PIA terms are generally perceived as more investor-friendly, compared to the erstwhile PPTA terms.

During a brief ceremony held at the NNPC Towers on Monday, the two partners signed documents on the conversion of five (5) OMLs into four (4) PPLs and twenty-six (26) PMLs, in line with the new PIA terms, marking a significant step towards increasing domestic gas supply and expanding global market presence.

Speaking at the occasion, Group CEO NNPC Limited, Mr. Mele Kyari, described CNL as one of the most reliable partners for the NNPC.

“Over the years, Chevron has been a partner of choice that has not contemplated completely divesting/exiting (oil production in) the shallow water and we are proud of them,” he added.

Kyari assured CNL that NNPC would sustain its partnership with the JV partner so as to create more value for both parties and expand Nigeria’s footprints in the domestic and export gas markets.

He commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its exemplary role in midwifing the conversion.

The Director, Deepwater and Production Sharing Contract (PSC) of CNL, Mrs. Michelle Pflueger who stressed the significance of the conversion for both companies, affirmed CNL’s long-standing commitment to the assets.

Also speaking, NNPC Limited’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, highlighted the advantages of the PIA terms over the previous PPT terms, noting that the conversion was a strategic move towards the successful implementation of the PIA.

In his remarks, NNPC Limited’s Chief Upstream Investment Officer, Mr. Bala Wunti, noted that the assets conversion is expected to significantly boost crude oil production, with the two partners focusing on attaining the 165,000 barrels of oil per day (bopd) production target by year-end 2024.

He emphasised the continued importance of CNL’s operational philosophy in maintaining network stability and facilitating gas supply especially to the domestic market.

Access Bank to Host Corporate Customers Forum 2024 Sept 19

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10/09/2024

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Nigeria’s top financial organisation with the largest customer base in Nigeria and footprints across the globe, Access Bank, is set to host ‘Corporate Customer Forum 2024’, on September 19, 2024 at the Eko Hotels, Victoria, Island, Lagos, under the theme “Nigeria’s Economic rebirth: Hopes and implications.”

This crucial event is set to host the Minister of Finance and the Co-ordinating Minister for the Economy, industry leaders and major stakeholders who will speak to the bank’s corporate and commercial business customers about the future of the Nigerian economy while addressing current economic challenges.

The Corporate Forum will serve as a key platform for thought leadership and knowledge exchange, aiming to inspire new ideas and foster collaboration across various industries.

The forum will focus on the dynamic intersection of growth and innovation, exploring how businesses can leverage technological advancements, sustainable practices, and inclusive strategies to thrive in today’s rapidly evolving business landscape.

“We are excited to host the Access Bank Corporate Customers Forum 2024, which promises to be a milestone event for our partners, clients, and the broader business community,” said Rosevelt Ogbonna, GMD/ CEO of Access Bank.

“In a world of constant change, it is vital that we come together to share insights, challenge assumptions, and explore new opportunities. Our theme, “Nigeria’s Economic rebirth: Hopes and implications”, reflects our commitment to not only adapting to change but also leading it.”

“The forum will feature the Honorable Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, Managing Director, Financial Derivatives company, Bismarck Rewane, Director General, Federal Budget office, Dr. Tanimu Yakubu and a distinguished lineup of speakers, renowned industry experts, thought leaders, and senior executives from Access Bank.

Attendees should expect engaging panel discussions, keynote presentations, and networking opportunities designed to inspire dialogue and collaboration.

Key topics to be covered at the forum include: Lead Paper: Accelerated Stabilisation and Advancement Plan (ASAP) for Nigeria’s Economic Rebirth, Co-Lead Paper: Making the Accelerated Stabilisation Advancement Plan Deliver Economic Growth for Nigeria.”

The Access Bank Corporate Forum 2024 is strictly by invitation for business leaders, entrepreneurs, policymakers, and other stakeholders who are interested in the future of the financial industry and economic development.

About Access Bank:
Access Bank is a leading financial institution known for its innovative banking solutions and commitment to sustainability.

With a strong presence across Africa and beyond, Access Bank provides exceptional service and value to its customers, while fostering economic growth and development.

‘NNPC Not the Sole Offtaker, Market Open to Lower Prices from any Domestic Refinery’

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07/09/2024

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The attention of the NNPC Limited has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd has become the sole offtaker of all products from the refinery.

To set the records straight, NNPC Limited wishes to further state as follows:

The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.

Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.

The NNPC Ltd cannot undermine a business in which it holds a billion-dollar stake.

As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.

NAICOM Boss Visits Aviation Minister to Discuss Issues of Industry Growth

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Business Journal

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06/09/2024

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The Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olusegun Ayo Omosehin paid a courtesy visit to the Hon. Minister of Aviation and Aerospace Development, Mr. Festus Keyamo on Wednesday, 4th September, 2024, in his office at the Federal Secretariat in Abuja.

The Commissioner highlighted the core functions of the Commission, which include regulating, supervising and developing the insurance industry in Nigeria, and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders, and public trust.

Specifically on aviation insurance, the Commissioner went further to brief the Hon.Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws. Emphasis was on local content provisions of the law, the global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of our GDP.

The Hon.Minister welcomed the Commissioner and expressed his delight for the visit, stating that he had been looking forward to this meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.

He stated that, based on the clarifications provided by the Commissioner for Insurance, he would like to convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position to all parties.

Also, at the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.

The Hon.Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in our relevant laws to attract and retain credible relationships with international stakeholders.

$1tn Economy: Experts to Discuss Insurance, Pension Impact at NAIPE Confab

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Business Journal

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06/09/2024

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The Nigerian Association of Insurance and Pension Editors (NAIPE) has unveiled panelists for its 2024 national conference.

The panelists, comprised of experts from key sectors of the economy including insurance, Pension, and Capital Market, will discuss and analyse the theme of the Conference “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.”

The panelists include Mr. Tunde Mimiko, Managing Director/CEO, Sanlam Life Insurance Limited; Mr Adeyemi Mayadenu, Executive Director, Technical, NEM Insurance Plc (General); Mr. Wale Okunrinboye, Chief Investment Officer, Access Pensions; Mr. Oluseye Olusoga, Managing Director/CEO, Parthian Partners Limited and Mr. Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria (PenOp).

This year’s edition of the NAIPE national conference which is 9th in the series will take place on October 8, 2024 at Oriental Hotel, Lagos by 9 am.

The former Commissioner for Insurance/CEO, National Insurance Commissioner (NAICOM), who is also the former Managing Director/CEO, FBS Reinsurance Limited, Mr. Fola Daniel, will chair the conference. At the same time, the Managing Director/Chief Economist, Analysts Data Services and Resources, Dr. Afolabi Olowookere, will deliver the theme paper.

The Special Guests of Honour for the Conference will be the newly appointed Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Omosehin and the Director-General of the National Pension Commission (PenCom), Mrs. Omolola Bridget Oloworaran.

The event will bring together stakeholders in the insurance and pension sectors to discuss the importance of the sectors’ contribution to the $1 Trillion Economy projected by the present administration for achievement by 2026.

It would be recalled that President Bola Ahmed Tinubu while attending the 29th Session of the Nigerian Economic Summit Group (NESG) in 2023, promised to grow the nation’s economy to $1 trillion by 2026.

Presently the main drivers of the economy are crude oil, agriculture, services and manufacturing. As the various sectors of the country’s economy increase the tempo of economic activities to meet the set target, there will be opportunities thrown up, therefore the insurance and pension sectors must be ready to take advantage of those opportunities.

While Insurance sector is expected to provide the needed support in terms of protection against risks that may likely crystallise during the period and beyond, Pension Sector on the other hand is expected to take care of the welfare of the workers by ensuring proper management of workers pension contributions and timely payment of pensions to retirees.

The Chairman of the Occasion, Mr. Fola Daniel is an astute professional in the Nigerian insurance and pension sectors; while the Keynote Speaker, Dr. Afolabi Olowookere is a renowned economist.

Commenting on the theme of the conference, NAIPE Chairperson, Mrs. Nkechi Naeche-Esezobor, said the theme of the conference was carefully chosen to draw the attention of the operators of the two sectors to the realities on the ground, especially regarding what they need to do to remain relevance in the unfolding economic situation in Nigeria.

Esezobor noted that not less than 250 stakeholders from the insurance, pension, finance, organised private sector and trade Unions and Associations would attend the conference.

Guinea Insurance Reports ₦477.7m Profit in FY 2023

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Business Journal

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06/09/2024

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Guinea Insurance Plc has reported a significant 49.4% increase in insurance revenue for FY 2023, rising from ₦1.36 billion in 2022 to ₦2.07 billion. This impressive growth highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction.

The revenue surge reflects Guinea Insurance’s commitment to product diversification, improved customer service, and market expansion. The company’s innovative insurance solutions tailored to diverse customer needs have played a key role in this success.

The insurer also announced a remarkable turnaround in its financial performance, achieving a profit after tax of ₦477.7 million for FY 2023. This represents a significant rebound from a loss of ₦83 million in 2022. The turnaround reflects the company’s focus on operational efficiency, cost management, and financial discipline.

This achievement underscores Guinea Insurance’s resilience and ability to adapt and thrive in a competitive market. Strategic initiatives, including streamlined operations and optimised resource allocation, have been crucial to this success.

The underwriter reported a substantial 176% increase in claims incurred, rising from ₦199.3 million in 2022 to ₦549.6 million in 2023. This increase underscores the company’s commitment to promptly addressing policyholder claims and enhancing customer support.

The rise in claims incurred reflects Guinea Insurance’s robust financial health and capability to meet customer expectations during critical times, reinforcing its reputation as a reliable insurance partner.

The company recorded 58.6% improvement in its solvency margin, rising from ₦2.2 billion in 2022 to ₦3.49 billion in 2023. This substantial enhancement underscores the company’s financial stability and capacity to meet long-term obligations with increased confidence.

The improved solvency margin reflects prudent financial management and strategic planning. Guinea Insurance is well-positioned to seize new growth opportunities, invest in innovative solutions, and continue delivering comprehensive insurance solutions.

The insurer achieved an outstanding 34.4% Profit to Gross Written Premium (GWP) ratio for FY 2023. This achievement reflects effective management of premium income and operational efficiency.

The strong performance highlights Guinea Insurance’s ability to convert premium income into substantial profit, showcasing its operational excellence and financial acumen.

The company reported a phenomenal 673% increase in profit for FY 2023, achieving a 34% profit ratio. This dramatic growth reflects the successful execution of strategic initiatives and operational excellence.

The profit surge highlights Guinea Insurance’s strong market position and effective business strategies, demonstrating its dedication to maximising value for clients.

The insurer reported a 13.3% increase in insurance service results, climbing from ₦594 million in 2022 to ₦673 million in 2023. This improvement reflects the company’s commitment to optimising operational efficiency and enhancing customer satisfaction.

The enhanced service results underscore Guinea Insurance’s focus on meeting and exceeding customer expectations, reinforcing its position as a customer-centric insurance provider.

Speaking on its performance, Mr. Ademola Abidogun, Managing Director/CEO, Guinea Insurance commented: “This exceptional revenue growth underscores our agility and innovation in addressing customer needs. We are excited about the future and encourage both current and prospective clients to explore our offerings. Our commitment to delivering greater value remains unwavering.”

“Our significant turnaround highlights our commitment to operational efficiency and financial discipline. We are dedicated to continuing this positive trajectory and invite both existing and potential clients to join us on this journey of delivering exceptional value.”

On its profit surge, he said: “Our phenomenal profit surge is a testament to our strategic effectiveness and operational prowess. This remarkable growth reflects our commitment to delivering unparalleled value and is a clear indication of our continued success in the market.”

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